MANILA, Philippines - Demonstrating anew its dynamism and efficiency as the country’s leader in housing construction, publicly listed property holding company Vista Land and Lifescapes is set to top off four of its residential condominium projects segment early this year, starting with Avant, a striking 38-storey glass tower at The Fort in Taguig City.
Vista Residences, the consolidated brand carrying the residential condo developments of Vista Land is all set to top off Avant, the property group’s most upscale project this Saturday, Jan 30 in a festive event at the De Jesus Oval at the Fort.
Envisioned by Vista Residences with ASYA design, and espousing the principles of green architecture, Avant stands on what is perhaps the last remaining prime location on BCG’s Crescent Park West. With its ground-breaking held only in 2008, Avant is the first Vista Residences project to be topped off in 2010, moving way ahead of its completion and turnover schedule slated for the last quarter of 2011.
Three more developments of Vista Residences are scheduled to be topped off in Makati and Manila in the next four months: Mosaic in Greenbelt; the first tower of Laureano di Trevi on Chino Roces in Makati; and Crown Tower in Manila. A fifth project, WIL Tower in Quezon City, will be launched early this year, with its site excavation already underway. Recently, the first tower of another project, Symphony in Quezon City, was topped off in November, 2009. Still another development, Madison Place also in Quezon City , was turned over to buyers in December, 2009.
“Vista Land, which entered the residential condo segment only three years ago in 2006, already has a line-up of 11 condo projects that are now completed, under construction, or expected to rise in the near future,” said company President and CEO Jing Serrano. This segment will continue to be a key growth area, and Vista Land is well-positioned to respond to rising demand,” Ms. Serrano said.
Prime sites for Vista Residences
Makati. At present, Vista Residences is offering four condominium developments in Makati : Mosaic in Greenbelt , which is the group’s first residential condo; KL Mosaic in Legaspi Village , now under construction; and Laureano de Trevi across Don Bosco on Chino Roces, with its first tower just about completed. The group has also penetrated Salcedo Village with The Gallery along LP Leviste St .
Quezon City. Adding their silhouettes to the Quezon City skyline are four developments of Vista Residences: Symphony Towers behind the GMA compound; Pine Crest in New Manila, which is undergoing construction; Madison Place in Cubao; and WIL Tower behind ABS-CBN, which will be Vista Residences’ anchor project in 2010, the brand’s latest development to be launched.
Ortigas. In the vibrant Ortigas Business District, Vista Residences is the first to offer both office and residential units with the Currency on Julia Vargas Ave.
Bonifacio Global City. Availing of new opportunities in areas where condo developments are increasingly a winning proposition, Vista Residences has Avant at the Fort in Bonifacio Global City , set to top off this month.
Manila. Addressing the growing needs of halfway homes for students, the Crown Tower at the University Belt in Manila is also in the advanced phase of construction.
Housing savvy applied to condos
“ Vista Land brings to residential condo developments our expertise and track record acquired from building the most number of homes of all the country’s real estate companies,” Ms. Serrano said. The company to date has built more than 200,000 homes all over the country.
Value proposition
With its offerings of various residential property projects ranging from the affordable to the high-end, Vista Land’s total portfolio consists of 127 projects nationwide, located in 18 provinces and 42 cities and municipalities, with its geographical spread unmatched by any other local property developer.
Up to 60 percent of Vista Land buyers are overseas Filipino workers (OFWs), with the ability to amortize home acquisitions. Since it owns the most geographically diverse properties in the industry, Vista Land is able to offer projects to families of OFWs in areas of the country where its competitors are not present. The company’s development locations closely mirror the geographical distribution of OFWs.
In a report dated November, 2009, Leo Venezuela of CLSA Asia-Pacific Markets said Vista Land stock has the highest potential upside, based on a price target of Php 3.54 over the next 12 months. Similarly, a report by analyst Gilbert Lopez of Credit Suisse released in October, 2009 maintained an “Outperform” rating of Vista Land . An “Outperform” rating is given if the analyst believes that the stock’s total return is expected to exceed the industry average by at least 10 – 15 percent or more, depending on perceived risk, over the next 12 months. The Credit Suisse report also stated a potential upside based on a price target of Php 3.63. The report said that Vista Land remains the most attractively valued among property companies.
“With its solid fundamentals as a publicly listed group, Vista Land ’s residential condo projects are part of a strategy to generate significant value-added for buyers, shareholders and property brokers. Increasing our participation in the segment through the Vista Residences brand is one of our initiatives, with Avant’s topping off as our latest milestone,” said Ms. Serrano.